The Guardian And Evening Star, with which is incorporated the West Coast Times. THURSDAY, NOVEMBER 23, 19337 JAPANESE FINANCE

Hokitika Guardian, 23 November 1933, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. THURSDAY, NOVEMBER 23, 19337 JAPANESE FINANCE

The comment of the London “Times” ■ mentioned in the cable news this week with regard to Japanese finance, is of ' general interest, referring as it does u> a nation Very much i n the public • eye of late. It is stated that the deficit for the year is nearly ninety millions, little better than the original estimates of the Finance Minister. The demands of the Army and Navy are said to be largely responsible for the drift, and in view of the bellicose , attitude of Japan of late this can be well understood. Japan has been rather pursuing an isolation policy, for which reason the opinion is expressed that the deficit- must be covered by internal borrowing. There is the comforting belief, however, that the disturbance in financial affairs nationally, is only temporary, and that in due course th© budget will right itself. Japan is now engaged on a vast trade attack in various parts of the world, and for the time being , is not at war, though with Russian ] preparations m the East, Japan will be maintaining her naval and military strength iii and about Mancliukuo, j where a prize, believed to be more [ or less rich has been secured. At the • head of Japanese finance is 'Baron Takaliashi, now an old man of very humble beginnings. In liis youth he ! saw some of the world, and sowed some wild oats, but tvas a likeable | young man and made many friends. He had Ids ups and downs before ho found k position in the Bank of Japan, j and there he discovered, ft field for his j wits and personality. At the time of j the Russo-Japanese war he was instru- | mental in raising largo loans in Ameri- j ca for Japan, and the nation has 1 never forgotten that service. In 1913 j he became Finance Minister, and when tlie world war came he watched the boom and later guided Japan through the trying days of the crash. He is popular with the naval and military branches, for it was due to his resource that funds were found iu plenty for the great defensive ’ and offensive schemes. There came his retirement—he is an octogenarian—but lie was not long out of harness. Japan confronted a great emergency. In addition to financial problems, there were the issues in the Pacific, in China, and the general mistrust of the nations. Takaliashi had to be recalled from lii.s retirement and is a king pin \ in the . national machinery. Yet he , has immense obstacles to overcome, j and for the moment th© financial oh- I ligations are the essential. But Japan (has linlfcriuiitional troubles of great moment, and possible seriousness. Not j the least of these are.trade ambitions. 1 Japan has shown great military re- \ source in China—near home—but the j same success is not assured further a- , field. Russia might start an exhausting conflict now that there js so much American backing forthcoming, and Russia, is accumulating striking power all the time. Japan’s am- { bitions abroad may cool perforce of j other circumstances, and the need of J ensuring domestic interests. But there are proud fighting races in Japan, with great tradition behind them, and this is an inflammatory source always. Still the financial position would bo a check on war-like preparations on , a .great scale, and it will not be sur- 1 prising .if for the time at least. Japan | will be content to forge a way into new j markets, and win credit and wealth from such a useful source, giving at ; ( the -/same time increased employment : and hope for her teeming millions.